Needham lowered the firm’s price target on CarMax to $91 from $99 after its Q4 earnings miss but keeps a Buy rating on the shares. The firm had recently upgraded the stock on anticipated industry recovery and a return to share gains helping to lever higher SGA from an omni-channel buildout, but industry recovery hopes have been pushed out on dimming interest rate cut expectations while putting the burden of growth on share gains, the analyst tells investors in a research note. Needham adds that its its reduced outlook for retail unit sales is driving its price target cut.
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